Aagey.com Company Profile

Background

Overview

Aagey.com, established in October 2016, is a Bengaluru-based digital lending marketplace dedicated to addressing the financial needs of India's Micro, Small, and Medium Enterprises (MSMEs). The company operates as a B2B2C platform, connecting MSME borrowers with a diverse range of lending partners, including private banks, public sector banks, cooperative banks, and Non-Banking Financial Companies (NBFCs). By leveraging technology, Aagey.com aims to simplify access to debt capital for MSMEs, which often face challenges in securing optimal credit from traditional financial institutions.

Mission and Vision

Aagey.com's mission is to empower MSMEs by providing them with an informed choice of credit through a user-friendly digital marketplace. The company's vision is to transform the financial services landscape for MSMEs by offering a comprehensive platform that connects them directly to various financial institutions, thereby facilitating easier access to necessary funding.

Industry Significance

In India, MSMEs contribute significantly to the economy, accounting for nearly 35% of the country's GDP, around 40% of exports, and 45% of manufacturing output. Despite their importance, MSMEs often encounter difficulties in obtaining timely and adequate credit. Aagey.com addresses this gap by offering a platform that aggregates loan options from over 75 lenders, providing MSMEs with access to more than 1,000 loan products.

Key Strategic Focus

Core Objectives

Simplified Access to Credit: Streamline the loan procurement process for MSMEs by connecting them with a wide array of lending partners.

Comprehensive Loan Options: Offer a diverse range of loan products to cater to various financial needs of MSMEs.

Technological Integration: Utilize advanced technologies to enhance the efficiency and accuracy of the loan matching process.

Areas of Specialization

Digital Lending Marketplace: Provide a platform that aggregates loan options from multiple financial institutions, offering MSMEs a one-stop solution for their financing needs.

Automated Credit Assessment: Employ proprietary algorithms to assess the financial health of MSMEs, ensuring suitable loan product recommendations.

Key Technologies Utilized

Artificial Intelligence (AI) and Machine Learning (ML): Implement AI and ML to analyze numerous data points, enhancing the accuracy of credit assessments and loan matching.

Automated Credit Engine: Develop an automated engine that evaluates MSMEs' financial health by capturing and analyzing over 8,000 data points.

Primary Markets Targeted

Geographical Focus: Primarily serve MSMEs across Karnataka, Kerala, and Tamil Nadu, with plans to expand to other regions.

Industry Focus: Cater to a wide range of industries, including manufacturing, services, retail, and more.

Financials and Funding

Funding History

Aagey.com has raised a total of $446,000 over two seed funding rounds. The first round occurred on December 4, 2018, followed by another on November 11, 2019, which valued the company at ₹31.1 Crore. These rounds saw participation from 14 institutional investors and 13 angel investors, including JITO Incubation & Innovation Foundation, Finkurve Financial Services, and Art Capital Advisors.

Utilization of Capital

The raised capital has been utilized to enhance the technological infrastructure of the platform, expand the team, and broaden the range of loan products offered to MSMEs. This investment has enabled Aagey.com to process loan applications for thousands of MSMEs, effectively bridging the gap between businesses and financial institutions.

Pipeline Development

Key Pipeline Candidates

Aagey.com continually evaluates and integrates new loan products from various financial institutions to expand its offerings. The platform's automated credit assessment engine analyzes numerous data points to match MSMEs with the most suitable loan products, ensuring a comprehensive and up-to-date selection.

Anticipated Milestones

Expansion of Loan Products: Continuously adding new loan products to cater to diverse MSME needs.

Geographical Expansion: Plans to extend services to additional regions beyond Karnataka, Kerala, and Tamil Nadu.

Technological Platform and Innovation

Proprietary Technologies

Automated Credit Engine: A proprietary engine that captures and analyzes over 8,000 data points to assess MSMEs' financial health and match them with suitable loan products.

Significant Scientific Methods

Data Analytics: Utilize advanced data analytics to process and interpret large volumes of financial data, enhancing the accuracy of credit assessments.

AI and ML Algorithms: Implement AI and ML algorithms to continuously improve the loan matching process and adapt to changing market conditions.

Leadership Team

Key Executives

Akaash Shankar – CEO: A first-generation fintech entrepreneur with extensive experience in banking, sales, and distribution. Prior to founding Aagey.com, Akaash served as Vice President at Kotak Mahindra Bank for over 13 years, where he was instrumental in building the Unsecured Business Loan portfolio.

Deepak Mishra – COO: A detail-oriented professional with a background in banking and financial services. Deepak has experience in managing financial operations and customer engagement strategies.

Leadership Changes

As of the latest available information, there have been no significant changes or appointments within Aagey.com's leadership team.

Competitor Profile

Market Insights and Dynamics

The MSME sector in India is vast, with approximately 63 million registered MSMEs contributing significantly to the economy. Despite their importance, MSMEs often face challenges in accessing timely and adequate credit. Digital lending platforms like Aagey.com are addressing this gap by providing MSMEs with access to a wide range of loan products from various financial institutions.

Competitor Analysis

Aagey.com operates in a competitive landscape with several players offering similar services. Key competitors include:

IMPYED: A digital loan marketplace for personal loans, business loans, and credit cards.

Aadrila Technologies Private Limited: Provides solutions to offer access to credit for small business owners.

Migo Money (Formerly Mines.io): Focuses on accelerating the democratization of credit.

InsightGenie (Formerly Bizbaz Pte. Ltd.): Offers comprehensive credit risk assessment tools for the unbanked and underbanked.

DeepakCredit: Provides credit card solutions for young India.

Vaya Technologies: Helps online marketplaces and SaaS platforms offer credit to their SMBs.

Rupyz: A SME and supply chain finance-focused lending platform.

Namaste Credit: A fintech company focused on small business underwriting automation through AI and NLP.

Sheba Platform Limited: Provides a platform for micro-enterprises to achieve financial inclusion.

ShopUp Pte: A micro-loan evaluation platform for social-media-based micro-businesses.

Strategic Collaborations and Partnerships

Aagey.com has established partnerships with over 75 financial institutions, including private banks, public sector banks, cooperative banks, and NBFCs, to offer a diverse range of loan products to MSMEs. Additionally, the company has a network of over 250 business partners across various Indian states to provide personalized advice and facilitate the digital journey for its clients.

Operational Insights

Aagey.com's digital platform streamlines the loan procurement process for MSMEs by offering paperless documentation collection, KYC verification, and financial analysis. This approach significantly reduces turnaround times for credit decisions and enhances the overall efficiency of the lending process.

Strategic Opportunities and Future Directions

Aagey.com aims to expand its geographical reach beyond Karnataka, Kerala, and Tamil Nadu to serve MSMEs across India. The company plans to continuously enhance its technological infrastructure to improve the accuracy and efficiency of its loan matching process. By leveraging its strengths in technology and partnerships, Aagey.com is well-positioned to achieve its future objectives and contribute significantly to the MSME sector's growth.